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MPs recalled for emergency debate on future of British Steel Parliament recalled to debate emergency law to save British Steel
(31 minutes later)
Parliament will be recalled on Saturday for an emergency debate on the future of British Steel's plant in Scunthorpe. Parliament will be recalled on Saturday to debate an emergency law to save British Steel's plant in Scunthorpe from imminent closure.
A government source says it is looking "to take control"' of the company, after its Chinese owner said its blast furnaces are "no longer financially sustainable". Downing Street said legislation would give ministers powers to "direct" English steel companies, in order to "protect" the Lincolnshire site.
Talks have been taking place this week talks to keep production going at the firm, which employs 2,700 people. The move stops short of fully nationalising the company at this stage, but No 10 says "all options remain on the table".
Politicians left Westminster for their Easter break on Tuesday, and were not due to return until 22 April. Talks have been taking place this week to keep production going at the firm, after its Chinese owner said its blast furnaces are "no longer financially sustainable".
Ministers had expressed a preference for a commercial solution to secure the long-term future of the plant. A No 10 spokesperson said a Steel Industry (Special Measures) Bill would allow the government to "preserve capability and ensure public safety" at the site, the last place in the UK where higher-grade virgin steel is made.
But they had not ruled out nationalising the firm, saying all options remained on the table. "It also ensures all options remain viable for the future of the plant and the livelihoods it supports," the spokesperson added.
The House of Commons said MPs would discuss proposed legislation "to ensure the continued operation of British Steel blast furnaces". "We have always been clear there is a bright future for steel in the UK. All options remain on the table."
MPs left Westminster for their Easter break on Tuesday, and were not due to return until 22 April.
The House of Lords is also being recalled, sitting from midday, one hour after the sitting will start in the House of Commons.
Chinese company Jingye, which bought British Steel in 2020, says it has been suffering financial losses of around £700,000 a day.Chinese company Jingye, which bought British Steel in 2020, says it has been suffering financial losses of around £700,000 a day.
Last month it began a mandatory 45-day consultation on plans to shed jobs at its steelmaking operations, blaming "highly challenging" market conditions, tariffs and costs associated with lower-carbon production techniques.
But the government is thought to have lost confidence in the company after a stand-off over who will pay for raw materials to keep the blast furnaces going.
Industry body UK Steel has warned that ending production at the Scunthorpe site would see the UK would lose vital steelmaking capabilities.